Capital

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    (a)    Without being required to take any action to perfect a lien, a credit union has a lien and a right to a setoff on the shares and deposits of a member in any individual, multiple party, or other type of account, including any dividends or interest payable on those shares or deposits, to the extent of any delinquency or default of the member on:

        (1)    Any outstanding loan, whether or not matured, on which the member is liable to the credit union as maker, comaker, surety, or endorser; and

        (2)    Any dues, charges, fees, fines, or other amount payable by the member.

    (b)    If a member resigns or is expelled, the credit union may cancel that member’s shares and apply their withdrawal value against any amount owed to the credit union by the member.

    (c)    A credit union may allow a withdrawal of a member’s shares or deposits without affecting the credit union’s lien or right to a setoff.

    (d)    A credit union may refuse to allow a withdrawal of a member’s shares or deposits to the extent of any delinquency or default of the member to the credit union.


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